Knife Tool ???

In 2.49b, there is a tool called knife or loop cut, selecting edge(s) and pressing K key. Is it changed in 2.5x? I could not find that tool. I am having trouble to model without it. What I have found is Edge-> subdivide.
One more question is, is it possible to rotate the UV’s 90 degree? Is there any option to do it. The only option that I know is, select the UV’s and rotate it with Mouse after pressing R key.

Thanks in advance

Hold K and drag with LMB. As with all operations in 2.5x you can press F6 or look in the toolshelf to adjust your cut settings. Note that not all the 2.49 knife functionality is in 2.58.

Thanks Richard, that is what I was looking for.